"The Alliance for Southern California Innovation partners with HCVT to support early stage startups in the region"

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Dec 13, 2023, 11:00 ET

The CPA firm joins The Alliance's esteemed group of sponsors to mentor and advise founders on tax and accounting issues and prepare them to receive capital.

Connecting GreatSoCal entrepreneurs to Venture Capital

LOS ANGELES, Dec. 13, 2023 /PRNewswire/ -- The Alliance for SoCal Innovation ("The Alliance") is pleased to announce that they have formally entered into a multi-year agreement with HCVT to be a new supporting sponsor of the SoCal Venture Pipeline program (SVP) which connects the most promising early stage startups with venture capital in order to improve access to institutional capital across the SoCal region. Entering its third year, the SVP program is completely free for the startups and investors who participate. The Alliance does not collect any fees or take equity thanks to lead underwriting from Pacific Western Bank as well as support from Wilson Sonsini and KPPB LLP. Increasing capital access for the most promising startups across the expansive SoCal region is core to the Alliance's mission and this particular program is foundational to that effort.

Andy Wilson, Executive Director of the Alliance, said "We are so fortunate in SoCal to have so many amazing founders building great startups across this massive and diverse region. However, access to critical early stage capital is not equally available to all. We rely on great partners like HCVT who share our commitment to support the most promising entrepreneurs in their effort to build high-growth startups."

"We are very excited to partner with the Alliance on the important mission of the SoCal Venture Pipeline program," said Vicken Haleblian, CEO and Managing Partner at HCVT. "We are committed to supporting the venture community and entrepreneurs. The Alliance, with its deep SoCal network, has a proven track record of connecting venture-ready founders to relevant investors. As a firm, we are committed to community impact and cannot think of a better way to support a thriving economy than improving capital access for the region's most talented entrepreneurs."

Kei Morita, an HCVT Audit Partner and co-leader of the firm's Technology Industry group, will serve as the firm's representative in the Alliance.

Startups based in the SoCal region who apply to be in the SVP program undergo a rigorous screening process by a team of investment professionals before being accepted into the program. Once accepted, they are further vetted before receiving highly targeted personal introductions to appropriate investors in the Alliance's extensive and growing network of 215 active venture capital partners.

Since its formal launch in June 2021, the SoCal Venture Pipeline, which serves both Seed and Series A-ready companies, has attracted 540 total applicants with 67 accepted companies of which 15 startups were funded for a total of $63.18M raised, plus 3 additional companies that were acquired.

For SoCal-based tech startups that are raising $1M+ of seed or $4M+ of Series A institutional capital and meet the guidelines outlined in the program FAQ, may apply now to begin the process of getting connected to the right investors.

About The Alliance for Southern California Innovation

The Alliance for Southern California Innovation (the "Alliance") is a not for profit formed in 2017 that has successfully brought together the heft of Southern California's top research institutions, local business leaders, and world-class advisors to focus on bridging critical gaps in the SoCal innovation ecosystem. The goal of the Alliance is to engage and unify SoCal's compelling diversity of talent, ideas, and perspectives in order to optimize the conditions for the region's innovators to bring breakthroughs to the world.

About HCVT

HCVT is the largest Los Angeles-based public accounting firm and the 33rd largest firm nationally. Founded in 1991, HCVT provides tax, business management, and advisory services to public and closely held companies; high-net-worth individuals and families and their related entities; and family offices. The firm also provides audit and assurance services to privately held companies and employee benefit plan sponsors. With more than 800 team members, which include more than 100 partners and principals, HCVT serves clients from 13 offices across Southern and Northern California; Ft. Worth, Texas; Phoenix, Arizona; and Park City, Utah. To learn more about HCVT, visit https://www.hcvt.com/.

Contact: Eric Eide, The Alliance for SoCal Innovation, Email: [email protected]

SOURCE Alliance for SoCal Innovation